Displaying items by tag: advisors

Saturday, 25 May 2024 11:35

Wine Tasting Goes Above and Beyond in Napa

When selecting the best wineries to visit, the environment can play as crucial of a role as the wine itself. With over 400 wineries in Napa and Sonoma counties, up from just 25 in Napa during the 1970s, the region has seen a surge in tourism driven by Michelin-starred restaurants, luxurious accommodations, and unique wine experiences.


This intense competition has forced Napa Valley wineries to boost their offerings beyond standard tastings with luxurious experiences like sensory garden tours and private dining with Michelin-starred chefs. 


  1. Stags' Leap Winery, the Napa landmark that was established in 1883, helped create the iconic AVA. The 240-acre estate offers extensive tours and features an Apothecary and Sensory Garden along with a Kitchen Garden, providing a rich historical experience.


  1. Beaulieu Vineyard, renowned for its Georges de Latour Private Reserve Cabernet Sauvignon, offers experiences celebrating its nearly 120-year history, including the Cabernet Collector tasting and the Georges de Latour Legacy Experience, all set against stunning valley views.


  1. Cakebread Cellars, family-owned since the 1970s, is a premier destination for both wine and culinary enthusiasts. Visitors can enjoy farm-to-table cuisine, cooking classes, and strolls through the estate’s culinary garden, with various seated tastings and tours to choose from.

Finsum: The serene views at these Wineries provided a much-needed respite for RIAs looking for a chance to decompress.

Published in Wealth Management
Thursday, 23 May 2024 11:07

Planning For the Future Boosts Growth Today

According to a white paper by SEI and FP Transitions, nearly 99% of independent financial services and advisory practices fail after the founder retires, so succession planning is not just survival but an opportunity for growth.


The paper found that although 32% of advisors claim to have a succession plan, only 17% have a binding agreement, highlighting the need for more actionable planning. But this plan helps gain new clients and encourage growth because many firms don’t have a strategy in place and can’t draw in new talent. 


Succession planning should focus on building a sustainable business that aligns with long-term goals, whether through acquisition or extending ownership. The white paper also notes that while 45% of advisors have a continuity plan, many intend to implement one soon, reflecting an increasing awareness of its importance.

Finsum: The current benefits of succession planning are growing and could improve practice performance today.

Published in Wealth Management

Herbers & Co. conducted a survey of investors with more than $250,000 in assets and advisors to identify whether advisors’ offerings are effectively meeting clients’ needs. Among the findings, the biggest takeaway is that there is some misalignment between advisors and clients in certain areas. 

One change from the survey, compared to previous years, is that 90% of clients said effective tax planning is their highest priority. Previously, clients cited retirement, investment management, and cash flow as top concerns. Currently, only 73% of wealth management firms offer tax planning services. For advisors, it’s an opportunity to offer more comprehensive planning solutions that encompass cash flow, education, estate planning, investments, retirement planning, and tax management. 

Many wealth management firms self-identify as offering comprehensive planning, yet only 31% actually do so. This means planning for a client’s specific needs, such as business planning for business owners. 

The survey also revealed that a portion of clients are interested in alternative investments, including cryptocurrencies. The challenge for advisors is that most firms currently don’t offer advice in these areas. However, they are likely to get questions from clients, especially with the introduction of crypto ETFs backed by asset managers like Blackrock and Fidelity. Advisors should proactively prepare for these conversations. 

Finsum: A survey of clients and wealth management firms found that there are some areas in which advisors can do a better job of understanding and meeting client needs.

Published in Wealth Management

Unified managed accounts (UMAs) are professionally managed accounts that allow for the use of multiple investment strategies. This makes it a more comprehensive approach than a separately managed account (SMA) which is typically used for a single, targeted strategy. 

As of the end of last year, UMAs accounted for 26% of assets in managed accounts. Growth in UMAs is due to multiple factors; however, two recent factors are improved pricing and an increase in the number of investment options. 

With UMAs, different strategies can be used to construct a customized client portfolio that leverages the best strategies across different asset classes and investment managers. This allows advisors to optimize portfolios by blending various strategies and selecting managers with the proper expertise. 

This means that an advisor could use different managers for different asset classes, such as domestic equities, foreign stocks, and fixed income. UMAs can also allow for more granularity, such as having one manager for a core equity position and another for dividend stocks. 

UMAs also provide a comprehensive view of a client's finances, which means that rebalancing strategies are more effective, and there is more potential for personalization. This includes the ability to add custom models to a portfolio along with third-party ones. 

Finsum: Unified managed accounts are experiencing rapid growth and provide advisors with a more holistic and comprehensive view of a client's finances. 

Published in Wealth Management
Saturday, 18 May 2024 12:59

Factors To Consider Before Switching Firms

Retaining top financial advisors is crucial for building a competitive wealth business, and many advisors wonder what they should consider before switching firms while firms consider what it takes to retain key talent. Beyond recruitment, retention significantly impacts the success of wealth management firms by maintaining high-performing advisors and increasing their productivity. 


Advisors should emphasize the importance of integrated technology solutions to enhance efficiency and productivity, making it more compelling for an advisor to stay. It’s critical that your firm understands and addresses your needs through improved technology and flexible work options which can help aid you in being more productive with clients. 


The role of advanced, seamlessly integrated technology platforms is highlighted as a key factor in retaining advisors by boosting their client service capabilities and overall satisfaction.

Finsum: Advisors should consider the total package before changing firms and technology is one of the most critical ways a firm can assist your productivity. 

Published in Wealth Management
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